This report does not constitute a rating action. Overview Key strengths Key risks Strong position in the niche segment of finance and accounting globally. High levels of attrition loom over margin and growth prospects. Increasing proportion of higher value digital services and strong utilization rates cushioning profitability. Relatively small scale compared with peers at similar rating level. Significant recurring revenues and healthy client relationships. Potential for debt-funded acquisitions and sizable shareholder returns. Geopolitical tension is prompting corporations to tighten budgets, affecting demand for non-essential IT services. Uncertainties from potential tariffs could also quell such discretionary demand. Nonetheless, we expect Genpact's revenue growth to remain at 6%-7% in 2025, compared with reported growth of 6.5% in 2024. The company's digital operations
